Allegro MicroSystems (NASDAQ:ALGM) Sets New 12-Month Low - Should You Sell?

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $18.34 and last traded at $18.93, with a volume of 4222539 shares traded. The stock had previously closed at $21.06.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on ALGM shares. Morgan Stanley increased their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. Mizuho increased their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research note on Monday, March 24th. Needham & Company LLC reaffirmed a "buy" rating and set a $30.00 price target on shares of Allegro MicroSystems in a research report on Monday, February 24th. Wells Fargo & Company upped their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, January 13th. Finally, Barclays upped their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Allegro MicroSystems has an average rating of "Moderate Buy" and a consensus target price of $31.20.

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Allegro MicroSystems Stock Performance

The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The stock's fifty day simple moving average is $24.92 and its 200 day simple moving average is $23.04. The company has a market cap of $4.14 billion, a price-to-earnings ratio of -64.26 and a beta of 1.53.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ALGM. Rhumbline Advisers raised its stake in Allegro MicroSystems by 1.4% during the first quarter. Rhumbline Advisers now owns 330,263 shares of the company's stock worth $8,299,000 after purchasing an additional 4,428 shares during the period. GAMMA Investing LLC boosted its stake in Allegro MicroSystems by 6,038.4% during the first quarter. GAMMA Investing LLC now owns 104,415 shares of the company's stock worth $2,624,000 after buying an additional 102,714 shares during the period. Moody National Bank Trust Division acquired a new stake in shares of Allegro MicroSystems during the first quarter valued at about $967,000. Wellington Management Group LLP lifted its holdings in shares of Allegro MicroSystems by 30.5% in the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock worth $87,302,000 after acquiring an additional 934,048 shares during the last quarter. Finally, California State Teachers Retirement System boosted its position in shares of Allegro MicroSystems by 5.2% during the 4th quarter. California State Teachers Retirement System now owns 120,042 shares of the company's stock worth $2,624,000 after purchasing an additional 5,970 shares during the period. Hedge funds and other institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc, together with its subsidiaries, designs, develops, manufactures, and markets sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.